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23532826
23732014

12300-12304 Fairview Court, Cleveland, OH 44106

KB
OH OH 2012001595
Shoreway Realty Group
Listed by Shoreway Realty Group
$825,000
358 days on market
Updated 8 days ago
Opportunity zone

FAIRVIEW COURT - 8 UNITS

Details
APN 121-04-078
Property Type Multifamily
Sub Type Apartment Building, Student Housing
Square Footage 4,422
Net Rentable (SqFt) 4,422
Units 8
Beds 14
Cap Rate 5.85%
NOI $48,243
Occupancy 100%
Pro-Forma Cap Rate 7.4%
Pro-Forma NOI $61,045
Price per SqFt $187
Class C
Year Built 1900
Year Renovated 2010
Buildings 2
Stories 2
Lot Size (SqFt) 8,774
Investment Type Stabilized
Ground Lease No
Ownership Private

Ideal location for CWR students, Cleveland Clinic/University Hospital employes and their visitors.

Marketing description

The Fairview Court opportunity consist of 8 separates units, in two side-by-side buildings connected by a courtyard. Located in the Heart of Famous Little Italy. This location feeds University Circle, home the of the Cleveland Clinic and University Hospitals, Case Western Reserve University (CWR) and Cleveland ‘s popular Arts and Culture District. This offering is rare, and location is in high demand! You will find several large New Development Projects to feed this lease/rental demand. As well, property owners are investing heavily in large scale renovations to maintain the integrity of this 19th Century neighborhood. Quote “One of Cleveland's most enduring ethnic neighborhoods, Little Italy was established in the late 19th century by immigrants largely from Italy's Abruzzi region. Giuseppe Carabelli, an Italian artisan came to Cleveland via New York to open a sculpting and stone masonry business”. A chance to own eight units, fully occupied, producing income and appreciation, in a historic location!

Link: https://littleitalycle.com -Little Italy Cleveland – A Historic Neighborhood Filled with Culture, Art & Cuisine

Link: https://www.universitycircle.org

*The owner will entertain only serious buyers with resources.

Investment highlights

This is a rare find! Eight units, in two buildings located in the heart of Little Italy. The suites occupied by Casen Western students and a large AirBNB business. The property is producing income now and with a little attention, could be improved to market rates. This location provides ownership with capital appreciation and a fine total return asset. Current owner has renovated all but one unit as they became available. Both basements are in good shape, separate meters for gas and electric. Each has its own forced air furnaces, separate hot water tanks and window AC units.

Property is located in the Opportunity Zone.

Please see the investment package under the Due Diligence section to help vet out this offering.

Listing Contacts

KB
OH OH 2012001595
Shoreway Realty Group
Listed by Shoreway Realty Group

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$48,243.00
$4,020.25/mo

Valuation Metrics

0
DSCR
5.85%
Cap Rate
5.85%
ROI

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Additional Information

Name
Kathleen Bassett
License
OH 2012001595
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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